Bitcoin Forum

FTX Chapter 11 is a scandalous event in the cryptocurrency world.  FTX's position as a centalized exchange was after Binance exchange.  There were millions of users from different countries of the world. This exchange has stolen almost $10 billion worth of crypto from customers.  Which has changed enough in the economic standards of different countries of the world.


https://i.imgur.com/60VOvb8.jpg

Pic source (https://twitter.com/MythLake2016/status/1593949091821592576?s=19)

I didn't know that FTX was a direct port to asian markets. Are those countries using binance now?

Also, i thought it has users from united states, so i had to google and it was seperate operation. So i guess my question is that is FTX.US totally off the hook? How they or their us customers are not affected when 130+ companies are?

This is a big blow to crypto community with the countries on this list and how much loses made. I hope the government won't begin a difficult regime that will affect exchange operations in their jurisdiction to protect their citizens. I'm sure Nigerians deal more with binance which is why it is not on the top list.

FTX issues has really giving crypto-Currency critics something to bite on. This damages are large to let go. I think there would be repercussions for this.

FTX exchange has also brought some lessons to many and that's never trust a centralized exchange, so much can go wrong, ignore how big they are even Binance, it still can happen to them. The dangers on centralized exchange and also the lack of security and privacy protection.
The FTX issues goes on I don't think it would take long before some government finds reason for sanctioning because of this issue.

It is very unfortunate in this list that most of these countries do not adopt cryptocurrencies, and the citizens of those countries cannot even file a complaint against the platform that caused their loss.
One of the most important negative consequences of what happened to the FTX platform is that countries and entities that refuse to adopt cryptocurrencies have found a pretext to support them and may lead them to issue more laws and regulations that limit the use of these assets.

Most likely they are and that's why CZ is flying here and there to different countries in Asia for his backing to the market for this particular region. I also don't know that FTX has got a huge market in Asia and I thought that they've got the biggest share on North America but I remember that both FTX and Binance has got their own .us.

It's said that it's got a separated fund from the main FTX but it's still FTX no matter what. I don't think that they ever said that they're not affected, they also are affected since it's also part of FTX -> FTX.US -> Alameda.

At first, I thought FTX had the bulk of their clients here in the American continent and Europe, but then I read they have their base of operations in Hong Kong.
Quite a blow to the market of Bitcoin there in Asia and perhaps many of you are not aware of this, but the worst part it is not only the money that was lost because this exchange, but the fact Japan and South Korea are countries where suicide is a serious social problem makes me think how many people had already ended their life or are considering to do so in those countries because the mismanagement by FTX. Truly a disgusting situation.

While there has clearly been gross mismanagement at the very top of the business and terrible record keeping according to the person charged with coming in to tidy it up, I have a feeling that some people are misattributing where a lot of the losses have come from. It's all too convenient to point at a failed exchange and say, look they're the bad guys of the crypto world, they are the reason I lost all my money. However in reality I can bet large chunks of what is being attributed as "lost" money was in actual fact the value of crypto falling which was further accelerated after the announcement that FTX was in trouble. They did not help the situation, but the media sometimes misrepresent or simply do not understand some of the facts of the case.

Is Binace exempted, are they not part of the exchange stuff's, Binance four or five years to come will also mess around with people's investment and bitcoin. It's just a prediction. History has shown before that big exchange's does that, I blame people they should have learnt from what happened to MT Gox honestly. FTX now has happened, they won't learn until Binance does there's again.

Well I won't doubt that, binance is a centralised exchange also. Not many saw this coming on FTX as reference to MT Gox. History most times is forgotten until it has again and some will regret, others will be glad they are lucky. The crash of FTZ is definitely going to change the dynamics of old users from leaving their coins in exchange to transfering to open source wallet.

Honestly, when we are talking about just a few billion dollars, that's not going to impact the nation as a whole, it will just impact the investors, that's it. I know it's quite common that people end up with a lot of loss personally and that individual loss feeling makes you wonder how any more people are impacted, but it's not about the size, but more about the number of people. Nations such as South Korea deal in hundreds of billions of dollars every year even more if you calculate the size of both imports and export and also what's going on inside daily, so just a few billion dollars here wouldn't really change much for the country.

The dangers of outcomes for one who uses these exchanges is just as seen. FTX has opened peoples eyes, but the danger of such repeating itself with other exchanges, like Binance is still plausible. An open source wallet is much preferable and using DCA technique for investing large sums is much more advisable.
No need for panic. Just be wise during investments, mostly over long term.

FTX is not the first centralized exchange to crash, we had a large exchange that was Mt.gox and many other smaller exchanges also collapsed. Everyone is aware that leaving money on it is risky, but most still choose to leave money because to serve their work, hope everyone is more vigilant after the FTX incident.

I don't think governments will punish FTX as most countries don't have crypto laws yet and FTX doesn't have a business registration in those countries. Investors will be responsible for their own consequences.

How could you think FTX and his CEO Sam Bankman-Fried won't be sued and sentenced if they've made shady and scammy things with the funds of their users? It's a crime in my country as in most countries. When someone gives you custody of something, it doesn't belong to you, and it's your responsibility to take care of it, otherwise you have to repair it or to pay damages. You should remember that Bernard Madoff has been sentenced to 150 years in prison and he died in jail.

Considering FTX is the most influential exchange and more user verification friendly, FTX absorbs more Asian users after Binance has stricter KYC rules. In my country, many people recommend FTX as the primary alternative solution for trading without excessive KYC demands.

It's mostly due to the hectic working hours, I don't think financial management issues like investing will have much effect on their mental health. Another fact in South Korea, every resident who is born gets various kinds of life insurance. So even the unemployed don't think much about saving^[1].


1. https://www.statista.com/statistics/1234189/south-korea-unemployment-benefits-paid/

FTX had KYC but it was minimal and never verified hence why it was so popular. All you needed was a working SMS in your country and that was it. Many used a burner phone. And for name and address many just made something up.

For other exchanges you need to submit actual id and proof of residency. You might even need to state the proof of funds. Hence why many chose FTX instead.

OK, I did not know that..... so a LOT of the money that was going through this exchange ..might have been "dirty"  ::)  The thing is... no matter where the money traded on this exchange came from, it still hurt Bitcoin's progress and adoption. 

I compare this "event" with the impact that the Mt Gox hack had on Bitcoin's progress, because loads of people got burnt and some even turned and attacked the technology.... and not themselves ..for trusting centralized exchanges.  ::)

Binance is not exempt, but the Mt.gox crash or the FTX crash doesn't mean binance will crash. Do you use coinbase? As far as I know it was founded in 2012 and still exists to this day. I do not encourage people to store assets on centralized exchanges but not all centralized exchanges will go bankrupt. FTX bankruptcy does not mean binance will go bankrupt too, don't try to make such baseless inferences, they are not exactly the same. In terms of age, FTX is very young compared to binance and FTX compared to binance as well as a child a few years old compared to an adult.

Indeed, this negative news affected the economy of 30 countries and more, caused a lot of losses, and affected the crypto market in general, as the total market value decreased and the prices of many currencies dump, and many companies were close to bankruptcy in this regard. What happened to the FTX platform teaches us not to put our money On any central exchange platform for a long time, it will not be the first or last platform. Only what we have to do is to transfer our currencies to the exchange platform at the time of selling or dealing on P2P. I hope in the future to regulate the crypto sector and put stricter restrictions on the exchange platforms that will protect consumers.

Except binance has done things very differently from the start:
 
- They are not using BNB as collateral.
- They are using Vitaliks new proof-of-reserves protocol.
- They don't have loans.
- And cz was even transparent of slowly selling FTT, even though he probably didn't get have a change to do that.

I've seen many reputable exchanges going down since i came to crypto, yet there are shadiest places like Yobit still up and running. And funny enough, superficially, without knowing the facts, Binance was the one that seemed very shady from the start with flashy ads handing lambos for an users tho make most volume in there, while FTX seemed like a professionally handled.

FTX might have even survived if CZ hasn't said anything, because without bank run, they could have made their money back in next bull run. But it's better this way, exchanges need to be better then banks and actually have full reserves, that's how we win.

One of the biggest effects that is overlooked is going to be probably on Ukraine since their corrupt government has had investments in FTX and they were even laundering a large amount of donated money through this exchange turning a large part of it to bitcoin to store in their private offline wallets for the future.

This mean South Korea, Singapore and Japan are the most stupid than the other countries since they leave their coins in FTX :D , no one should leave their coins on centralized exchange.

If people learn to use exchanges as a marketplace, no one will suffer losses since either the exchange collapsed or not, it doesn't affect their coins. I will say it's CZ drama rather than FTX, CZ was start this first and FTX is just get the impact from it.

Excellent example of spreading Russian misinformation (https://en.wikipedia.org/wiki/Useful_idiot). And always without proving anything. At this point you should understand that Russia would use any opportunity to hurt the stability of the west. Even the FTX case. You are playing for Putin's by spreading misinformation. This is the literal FUD on politics. Stay with the facts on FTX, do not insert war propaganda into this.

As far as you said, can you tell me more there is some SBF news regarding democrats and he is also a big donor for 2020 election and midterm elections recently. There are many reports that the collapse of FTX is related to politics and that is why SBF has not been arrested or prosecuted so far after causing an incident that caused many times more damage than Dokwon caused. I know that there is a lot of unorthodox news right now and there is no final news yet, but I also believe that there is a political motive behind the collapse of FTX.

FTX is only registered for business in the US and Bahamas, which means that FTX will be obligated to compensate users in these two countries. In case they cannot compensate the users in these 2 countries then they will be charged and go to jail.

For other regions they don't have a business license which means no legal binding on them. They have the right to indemnify you or refuse and no law can sue them.

I have hard time decrypting what you are asking here. Is this a question or a statement? Yes he donated money, it was public info. That's not a crime and do i have to repeat myself he didn't try to hide it. He was even quoted saying that he would give $1B to presidential campaign for democrats, which he later backtracked. But everyone knew then he was supporting Democrats as many people do. That's not some secret that is been revealed now.

And now these politicians are even re-gifting those donations as they want distance from the whole case.


Whose politics would this collapse benefit? Show me one reliable investigative article on this.


That's why? Investigation is on going and it's not like he is a security risk. And if you read what i wrote earlier, politicians want nothing to do with that guy.
And i thought you said that collapse was related to politics and now you are saying SBF caused it himself?


So far this is all speculation but enlighten me. What's the political motive for the collapse? Because that sentence seems to contradict other conspiracies about Biden/Ukraine.

What we only knew is that SBF is playing with the people's money but I think one of it is by donating to some government because there's also reports last time where the FTX got hacked and then the money was transferred to the Bahamas government. I think he did that because he want a protection but it is still inappropriate because that was not his money at the first place but it was from the poor people who trusted his company.

The government that are involved here will also be in big trouble because they are accepting bribes from this guy. I think there are more revelations that we will witness in the coming days. This is exciting.

I guess we can say it sports personalities that have heavily invested on FTX as well? They are so stupid that they believed SBF to be a man that could give them more profits?


I agree but that's how exchange are design and I doubt that investors will learn their lessons in the FT fiasco. Although we have argued on using DEX for many years, still tough, people prefer CEX to do their trades. Not sure why you involved CZ though, he has his own drama on his Binance. This is all SBF fault.

Everyone already knows that there is a serious case of corruption in Ukrainian government. When I say everyone I mean all sides whether it is from inside Ukraine, from US, Europe or even Russia where you only like to focus on last one and call anything you don't like (https://en.wikipedia.org/wiki/Denial) a propaganda.
Everyone also knows that the Ukrainian corrupt officials have been selling donated weapons on black market, Americans even deployed some military officials to Ukraine to prevent this. Some of the money is received in cryptocurrencies.
Everyone also knows that the Ukrainian government has been stealing a lot of the money they are being donated for their defense, some of which is through cryptocurrencies. In fact there are official donation addresses posted by the government and unofficial donation campaigns elsewhere on the internet.

All this money has to be laundered through somewhere when they steal it. If it weren't through FTX then which exchange(s) are they using?

Not just a big blow, it became the biggest fraud in cryptocurrency history. That's why Sam Bankman-Fried is using his connection to cover up all the scandals he did through well-known politicians besides his mother being a lawyer.

But you're right, they'll give priority to finance over that matter.


What the Founder of Ftx did was a very bad and cunning move by a man who is wild about money, because, in my opinion, he intended to declare bankruptcy and release it without funds, so that all the investors who put big money into his FTX Platform.

FTX seems to be still trying hard, FTT token today rises more than 14%, a lot of news on Twitter is convincing that FTT will return to level 2 digit, but for me it is difficult to believe in FTT because at this time FTX has registered bankrupt Short to declare disbanded.

This is very inhumane corruption, using donation funds to deal with the effects of war instead of being made into warm cakes for self-serving governments.

On November 11, SBF resigned from the position of CEO, then was replaced by a new CEO named John J Ray III. In all the time John J Ray has worked on bankrupt companies, he has never handled a bankruptcy as bad as FTX's, as he notes:
1. Employee requests replacement via chat approved by emoji
2. Almeda Research lends $1 billion and Nasdaq Singh $543 million
3. FTX employees use auto-delete messages
4. FtX has never held a board of directors meeting
5. FTX does not have a cash management system, and management does not know how much funds they have
6. Some FTX employees are suspected of being fake
7. Employees use company money to buy property on their behalf

This event is the darkest in crypto history, maybe the domino effect will be bigger and longer than Mt.Gox, even Solana and Genesis are reportedly threatened with bankruptcy due to their association with FTX.

I am not sure if FTX drama was the biggest but it was certainly a deadlier one in a way how it is mattered. I feel like we are going to end up with something that is getting a bit crazier and that means we shouldn't be really caring about the lowest points of it.

Just look at the bright side of it. That money is somewhere, even though it was "lost" by ftx, it is still somewhere and that means it is still in circulation so nothing about bitcoin itself happened, just ftx crashed, which means that we could buy the unharmed bitcoin at a cheaper price and could make more money with it. Yes, it is not going to be tomorrow, but it will go up and we could be benefiting from the crash this way if we want to.

It's just a manipulation from Sam Bankman because exchange token doesn't have any utility except you're use the exchange, since the exchange is insolvent this mean you can't do anything with the FTT token. Sooner or later FTT token price will decrease and reach less than $1 and worth of few penny only.

Actually FTX didn't create this drama, they're just being targeted by CZ since they're new exchange that can climb up faster than the other exchanges. CZ is worried if people will shift to FTX from Binance, so he do this drama.

Hopefully the FTX drama ends soon and we can know whether it will end or continue by getting new investors, FTX is a big and top-ranked exchange so it always worries us, the negative issue that the FTX case will happen again of course will make us have to be vigilant and since a week ago i moved a lot of assets that i have stored in kucoin, gate, hitbtc, binance, huobi and so on.

FTX went bankrupt because they scammed people on a very high scale. This is truly an eye opener for anyone who has put their life savings and retirement accounts into the stock market or is tempted to buy trading stocks.

Since they filed for chapter11 I don’t think it will be operational again. If he never filed and managed to somehow get the lost funds back, then maybe it would of worked out but it’s out of his hands now.

Issue is this is going to be an expensive bankruptcy and lawyers will end up benefiting the most in this situation and not the users.

There are people buying claims on accounts for like 5 cents on the dollar, because that is how bad it looks.

They have officially registered bankruptcy in court and I do not understand why it is still optimistic that FTX will rise again, investors prefer to make new projects that have never had a bad record than convincing investors to continue to survive in FTX, I'm sure it will be very difficult to convince investors again

After the FTX case made haters more massive in spreading FUDs and it was proven to be able to make the market drop, the effect caused by exchanges is certainly bigger than projects like LUNA, because it will have a broad impact and cause fear for investors.

There's still a chance FTX is back up and running, that's why they filed for chapter 11. According to chapter 11, FTX will have a certain time to settle with partners and customers and during bankruptcy, no one can enforce FTX's assets. If FTX convinces customers or any partners to agree to sponsor or buy back all of FTX's shares, they can return to normal operations. This has happened to traditional companies after filing for bankruptcy, but it has never happened with crypto companies. The possibility of FTX success is very difficult but there is still hope.

FTX has officially registered bankruptcy with the court and of course the court is very difficult to assess FTX assets because the value of FTT also continues to decline, if a conventional company files for bankruptcy it will be easy to assess all assets while cryptocurrencies companies are certainly very difficult or even impossible for investors to buy or fund FTX

A lot of speculation about FTX and Ukraine, now the issue is growing that the FTX case will occur again in other exchanges, making us alert, when FTX plans to finance projects that are almost dead such as Voyager, Celsius and others I am optimistic that FTX will compete and enter the top ranking and entering and enter Can compete with binance, unfortunately this does not happen and now they will end soon.

I could see news outlets who are harsh on cryptocurrency going ham now that they have something to feed their people this and the previous issue with TERRA Luna. I would agree with your statement, this is gonna stay with us for a long long while until people disregards of it. Add to this the fact that we are experiencing one of the biggest dumps in bitcoin's history. As for the lessons, I don't think it is that warranted considering how the common investor is a little more smarter than they were 2-5 years ago, although I would like to point out outliers which are those who kept their money on exchanges.

Actually I don't think SBF's filing for chapter 11 is what slammed the nail in FTX's coffin. Filing for chapter 11 should give them ample time to settle issues with their stakeholders, meanwhile ensuring that no one could take a hold of FTX's assets. A lot of companies have filed for chapter 11 from down under and was able to get their pace back and continue operations, but this will be the first for a cryptocurrency company.

I would argue that the main reason why FTX has failed is because they became belligerent and negligent of the backups they need to impose should a situation like this happen. In the cryptocurrency world, there is no such thing as "too big to fail"

It looks like the problems facing the FTX exchange are becoming more and more difficult and lately I've been trying to read a bit of news about the ongoing issues with the FTX exchange where FTX filed for Chapter 11 bankruptcy on November 11th and Bankman-Fried stepped down as CEO. Crypto exchanges are currently under investigation in several jurisdictions. In the US, several authorities, including the Department of Justice (DOJ) and the Securities and Exchange Commission (SEC), are investigating FTX for the mishandling of customer funds. [source (https://news.bitcoin.com/mark-cuban-if-i-were-sam-bankman-fried-id-be-afraid-of-going-to-jail-for-a-long-time/)].

This indicates that it will be difficult for FTX to get back on its feet after a sudden drama happened to it and it is clear that many people did not expect that this could happen to FTX, whose exchange is already in a large category.

I heard that Binance will give funds of about 2 billion to buy FTX assets, if this is true, of course it will make the market can rise again, FTX error hopefully does not happen again, they use consumer money for wasteful things like luxury villas for FTX employees.

When it comes to the value of their FTT token it is easy to asses its value which is zero, however I would not be surprised if money was hidden and it is stored at several banks around the world, since to me it was obvious SBF knew that this was coming and people like him never really go penniless, and most likely he took steps to hide a great deal of money so he can still be very rich once this whole process is over, while his stockholders and those which invested in his token have to bear all the losses.

https://twitter.com/GMA/status/1598296985010073600

SBF talking to the media when he might be facing down the barrel of a grand jury indictment on charges that would confine him to potential years in prison. His lawyers would have advised against it because his statements would be used against him in prosecution. Unless he's aiming to portray himself as utterly incompetent therefore not subject to any criminal liability, there is no benefit to talking to the media.

Amazes me that this person was trusted with billions of funds. If the ignorance route is the legal strategy for SBF, he'll have to convince a lot of people of his utter stupidity and ignorance to have not known that user deposits were being used fraudulently. As if anyone is dumb enough to believe it.

That would be actually most viable tactic at this point. That would mean we would hear even more insane and immature things from behind the curtains as everything that makes hims seem incompetent.

Come to think of it, maybe this has been a plan for a long time now. That would explain so much of his statements and reactions. Remember CZ saying that Sam is tweeting like a psychopath? This could have all just been his way of acting like a lunatic.

Limiting this to FTX alone does not make any difference as the whole crypto space got hit globally and there is no way we can see it recovering back quickly. There were instances where we saw major exchanges like Mt Gox getting drained due to a hack, but what happened with FTX shook everyone's belief in crypto.

Every exchange hacks does really make that shocking situation which it is something that you can just bare it out specially if you are really that badly affected because you do lost up your funds.
It is really just on this FTX situation or drama which it does really have its own way or different reasoning or alibi on where those funds go which its not that typical hacking or exit scam incident
but rather particularly talks about using up their investors money into some business which we dont know if its true or not.
But one thing that really been able to prove out that there's no way that funds could be safe on the time that you do make out deposits into these centralized platforms.

Indeed this will change everything not only for crypto community but definitely on centralized exchanges as there can be no safe exchange anymore as long as it’s operated online. My fear is that not only for the government but for most of the crypto enthusiasts to lost their interest in crypto because of this unexpected and scandalous event. My hopes are all for the best, and that there is no big event again that will put the crypto community at the losing end.

I am listening to all these interviews with SBF and honestly I can't believe a word of what is coming out of his mouth. He thinks he can say "Oh, I screwed up", and "Oh, Im sorry". He thinks he can get off scott free. Doesn't work like that.

I have no idea why he is still walking around and not arrested. Shows you how corrupt everything is behind his. Especially all those authorities in the Bahamas. Can get away with anything there pretty much as long as you have money it seems. Madoff got arrested immediately.

But declaring bankruptcy does not excuse management to an investigation.  Of course they will find irregularities during investigation but I hope justice system will be fair on this.  We know there are influential people behind SBF, and it is possible that they will use their power to cover up things or redirect investigation. And the way SBF behave seems relaxed and not worried at all.  He even played victim during the interview on New York Times .


For a regular normal person yes it won't work like that but for SBF with influential backers, probably it will work out for him.


You can take a hint by looking at the political donation he made  ;D.

Prior to this, Binance had planned to acquire FTX between November 10 and 11, but they had to abandon the plan after reviewing their balance sheet since the mess was too big for Binance to handle. But now that I think more about it, do you really believe Binance would want to acquire FTX given that it is a rival in the market? They may have done it on purpose to let them down and gain public attention. If a single tweet could bring down an entire company, it's even possible that they had an insider who informed Binance group of the company's insolvency.

The $2 billion set aside by Binance will be used to assist the projects affected by FTX's exit and the liquidity drain from them while they were trying to hold onto the price of FTX before it crashed, rather than bailing out FTX as originally intended.

I'm sure even though FTX has registered bankruptcy in court, this case will float and of course investors who will lose unclear whether they can still get money or not, but I'm sure not, an important lesson from FTX is don't believe in exchanges because anything can happen.

In such cases, when exchanges go bankrupt or have problems with hacking, most of what happens is that all users' money is not refunded. This has often happened and again the user becomes a victim of this problem. This FTX drama will continue to appear without any solution from related parties. So lessons like this will probably continue to happen in the future and it is possible that there will be other exchanges that will experience similar cases. So keep your funds in a cold wallet, it's much safer than having to deal with risks on the exchange.

Actually, don't believe in exchanges because everyone who is involved in the crypto space will definitely use whatever exchange he needs to exchange his assets for other assets because exchanges are the first bridge that everyone must go through. What should not be done here is to keep more assets in the exchange for too long for years so that when there is a problem like what happened with FTX, it is the users of the exchange who are the first victims of the problem.

The most likely consequence and what has happened is loss for those who participate in the exchange, personally I do not have assets on the FTX exchange, but many people have started talking about losing their assets on the exchange. The next question, how should people who are on the exchange have a way to return their assets?

The biggest mistake may also involve each individual, because in fact we have never been forced to use an exchange by anyone, but because we believe too much in a centralized exchange, that we do not have access to control this security individually. Therefore, this issue serves as an important lesson for all of us, that a centralized exchange is not a safe depository of assets, even if the exchange is large and has quite a good reputation.

Have been usual habit reason when any exchange get bankrupt the owner announced about their exchange was hacked, I don't believe yet with some exchange or have any altcoin project exploit because seems drama show by the owner how to close their mistake run away investor funds. I don't think with FTX become the last exchange closed and still have several exchange market later will did the same with FTX and be careful for every one make cryptocurrency as main job for saving fund on exchange market.

Not bad ideas spent half our assets in cold wallet take securing if another drama happen again with exchange market and disable for withdrawing later.

Seems to me ignorance is the only viable legal defense here. That is, of course, if the Department of Justice in the U.S. would be willing to indict him. If charges were on the horizon, he would bail to a country without an extradition agreement so I'm not confident he'll face any repercussions regardless. Seems like these folks always get away with white collar crime as long as they have the right connections. SBF was a well known political donor spending tens of millions donating to democratic politicians in the U.S. Doesn't look like he was donating this money out of kindness.

More interestingly, reports say that FTX was in financial trouble for a long time before collapsing, but strangely they didn't have enough money to pay their users but they are very enthusiastic and willing to donate millions of dollars to Democratic politicians. It's like everything was planned by SBF and he was very well prepared for the demise of FTX. So far, he has not received any summons to question the demise of FTX, that's the advantage of having political friends.

yes they have been in a false valuation state for a long while. never actually having the $32b cash to hand to match company valuation of $32b.. but then again what company ever does

they also were over leveraged on how much assets they kept in an exchange cold wallet vs the customer balance. it was not just a november thing

they also donated to the republicans..

also most of the legal stuff is happening in the bahamas, the US investigations are just a sideshow.

the US legal sideshow can only investigate and have a hand in the US part of the business(ftx.us), because that is their jurisdiction limit.
 which SBF has shuffled funds back into the ftx.us arm to make customers balances whole once the paperwork allows them to offer withdrawals. thus he can escape any "damages" to the US

customers/investors of the international body of ftx group have to seek jurisdictions of regulators in the bahamas and japan

this is the worst thing that I've ever heard,, how can someone use customer money to fund democratic politicians. SBF has been abandoned for too long, reportedly he is still on vacation in the Bahamas, while hundreds of thousands of FTX users are still waiting for confirmation about their frozen funds in FTX.

After FTX experienced events beyond the expectations of many investors, all parties involved in the company in several countries admitted to have pulled away from the collapse of FTX.
From the data shown in the picture, who will be fully responsible behind the losses that befall them? Therefore, stop playing with altcoins.

What I'm worried about is that the ignorance of people out there will eventually equate all types of crypto assets such as the FTX token.

The act of donating must be one of the reason on why they are struggling financially but isn't it possible to recover the money that they have donated? Only to compensate those who lost their funds when FTX got bankrupt.

I think what happened to them is like a bad karma because they acted confidently and just gave away their earnings but for what purpose they are doing that? To get famous? May this serves a lesson for those remaining exchange to not be too cocky but it's always better to remain humble and just serve your customers accordingly. I still think that what happened with FTX is not planned because no one wants their business to fail.

I do not think that the donation is the reason FTX gone bankrupt.  I think it is more on the trading and their asset plummeting due to the cryptocurrency market condition.  Aside from that, I also think that one that has the huge effect on the fund of FTX is when Alameda was approved of its loan.  It eats 50% of the FTX client's fund.  And SBF loaning himself 1B  (he said that it is to reinvest in FTX platform.)


There is mismanagement so even without bad karma, the company will get bankrupt.

maybe they thought they can get the money they donated in some way. or they did want to rise up their ego for the sake of the money that they didn't own..  ::) they became too proud of themselves they thought they were helping others, but inside, they were suffering financially up until it blowed up as they couldn't handle their losses anymore. it will not be the last company that will suffer such kind of failure in this market. so users should be cautious in where they are sending their assets.

Headlines like this he keeps pushing out support that theory, like he had been planning it for a while now.
Greanted that his background doesn't guarantee he would be any good with math or anything else, but this is just too weird:
  
https://i.imgur.com/AEdSpkE.png

FTX international didn't serve US citizens so they won't be wanting him. I am not sure about extradition laws in bahama, but i am pretty sure they won't hand him out to just any country.

I don't think they have failed, the only losers in this crash are investors, not FTX or SBF. I believe during the time FTX was in operation, SBF also took in enough money for him to live his whole life without worrying too much about money. It is known that SBF bought a lot of real estate as well as villas for both his parents during the time FTX was operating. The second winner is the government, with the demise of FTX, they have a good reason to intervene in the market and regulate us.

Do you leave your money on FTX? Currently, there is some information that FTX is planning to pay investors from the Bahamas, the United States, and Japan. Since FTX has a license to do business in these countries, if he doesn't want to get into the law, SBF will have to refund everyone and for investors not from the above countries, their chances of getting their money back are almost zero.

That's the risk we take when we enter the market, I hope everyone will learn their lesson this time, don't leave our money on the exchanges and only invest the money we can lose.

I still doubt that this will be the last lesson or that what happened to the ftx platform is the worst that can happen.  The ftx platform has a huge user base that trusts its centralized power, so its fall was resounding.  It is the same way users are currently using the Binance platform.  The most important lesson to be learned from what happened with the ftx platform is that no platform is too big to fail.  Every strength has weaknesses and every system has loopholes.

I do not agree to attribute the statement to the binance platform because FTX was established in 2019 and last few years they are popular on the list of top exchanges but not relevant for comparison with binance, I don't think any other exchange can guarantee to cover losses due to hacks and other cases, but binance has proven to recover users funds. But I am not on binance side but I still follow the best advice to store assets in personal wallet.

I'm lucky that I never used FTX though, I only focused on using Binance and Kucoin. however, many of my friends on Facebook have experienced big losses because until now their money is still stuck there. the FTX collapse proves that we cannot entrust our assets to CEX, they use the filled liquidity to invest in other businesses and hope that the circulation of money that occurs can pay everyone but when there is an issue, they immediately collapse in less than 24 hours.

Even with Binance and Kucoin which is something that you could trust like forever.It is really just that FTX arent really that much heard off on this forum but it is eventually next to Binance when it comes to volume.

I dont know if its just me but this is what i do observe.Come to mind off that its never been ethical on using up your platform users funds for the sake or in intent on using to other businesses.
You might be having the access but you dont actually have the rights on doing so, in which it means that on the time that you have done this as an owner and once
it do gets busted then you do know on what would be next.

So in essence centralized exchanges have become exactly like banks, which is the kind of centralized institution we were supposedly trying to avoid when joining this market, so while I am disgusted by what is happening, at the same time people need to finally learn that trusting in a centralized institution when it comes to our money is a bad idea, if people want to trade they can do it, but as soon as their session is over they need to get their coins out of the exchange as fast as possible so this does not happen to them.

The example provided by the ftx platform was the best evidence of the fragility of the central system in this field when its spread expands and swells to levels that cannot be reconciled with proper control. The platform was going through a real crisis. It was possible to find a solution to it even through the major financial institutions that would have worked to save it from collapse, but Binance paid it the fatal stab by offering huge amounts of ftt for sale, which contributed to the price drop and the collapse of the currency, which led to a resounding collapse for the platform as a whole.

FTX scam would have long lasting effect on the crypto market and it may take many months for the crypto users to absorb this loss and move on. Also, it will engage regulations to enforce more restrictions on cryptocurrencies especially on the exchanges.




Yes, this proves that FTX is just playing around with people's money. It was just one tweet by CZ which created panic among the people. So people wanted to withdraw their funds from the exchanges. Receiving so many queries regarding withdrawals, the FTX was unable to handle them as they never had kept the user funds with themselves???

I hope that the FTX drama will end soon, confiscated all the assets owned by FTX and conduct a very strict audit on transactions on FTX so that the assets of investors are found, I'm sure SBF has a large cryptocurrencies asset, although it's not enough to pay for investors but at least can restore even if only 50%.

of course using user money is an unethical act but what can we do when we use CEX,, not your private key - not your coin. DEX is the best option but the transaction volume on DEX is not that big.


That's right, after your business is done at CEX, it's wiser to immediately secure your funds to your personal wallet. I have also learned from that, so I will secure my funds directly to my personal wallet when my funds are above $50.


➥ https://twitter.com/BTC_Archive/status/1600792338942820353

It won't end soon. It's still a long way to go until this issue will be forgotten or even ended. People are telling because that SBF has been a donator or financer to the democrats, this case is taking too long and there's no action taken against him.
And he's even able to have to talk in front of crowds just after this issue has popped. We've seen conmen that have been running against the authority with the issue they've been involved in while him, is still free.

Actually FTX drama have ended last several weeks with sad ending for users still have fund in their FTX account, but get happy ending for the owner because they can run away much investor money. I don't see any user use their lawyer against with SBF after with how much money loss in this exchange. Have to learn more from exchange market is not securing place for saving or holding assets short or long term actually our assets in the owner hands, if they run our money will gone and FTX its not the first scam exchange market but also have many exchange become scam and the owner still free and enjoying their life without surrendered.

It's not over because they just filed for bankruptcy and haven't actually declared bankruptcy. As far as I know, filing bankruptcy under Chapter 11, FTX will have 3-4 months to complete the procedure as well as have the opportunity to call for support from sponsors and resolve disputes with partners.

In addition to countries with crypto regulations, in countries that do not have crypto laws, investors will be responsible for their investment without the protection of the law, so that no one can sue FTX.

Those who say that the FTX crash is over is because they don't want to see another market crash. this is all just the beginning and i believe many more incidents will happen in the future and all will be related to FTX. SBF bribed the democrats and republicans a lot so that he could be free and live like a king after it was all over. Don't expect him to go to jail after spending millions of dollars on the authorities.

The nerve of SBF to give out interviews and to dance around questions is another funny story that is going on and he has said some incriminating things to coffeezilla which was interesting. Everyone knows what he did and swindle money from investors and depositors but as you mentioned he is an incarnation of Bernie Madoff with a twist, lobbying people in the power while carrying out his scam.

I would guess that bankruptcy is a way to protect themselves on jail time, just saying "sorry we failed" they are just saying "we are upset we failed too, we wanted to do better" and that means they didn't mean to, and it's not their fault, and it's a bit about the market and everything else that went wrong and not them.

This will result with them defending themselves on court by saying "we did nothing illegal; we just couldn't survive because of cash flow and that is economic reason, not jail reason". So, it is obvious that it is all a ruse, and they will not accept fault and this is a proof of that, Sam should be jailed, but he will do everything in his power not to.

It can't go as simple as you think, bro. It is not possible to evade responsibility in this way, as if the collapse was the result of one of the unexpected natural disasters. There is a penal responsibility that must be borne by those in charge of the FTX stock exchange, due to the failure to provide appropriate guarantees that protect users’ investments on the platform, in addition to working to enlarge the platform without taking into account the characteristics of the crypto market, which made the fall resounding and catastrophic.

The buzz and noise are still there and it's always been in the talks in different communities even outside the crypto community, still being talked upon. Well, people that have lost money on it probably have accepted their fate already and if they'll spend to sue FTX then what they'll get plus the expenses for lawyers fees, etc.

Well, it has happened and there's no need to expect that another one from them will happen again. And if something big happens, we can't avoid it and the market will surely be affected by it. For such donations that SBF did, this is making him walk freely while dealing with this big issue.

SBF sucks, I'm sure not just me and you but everyone think how can this guy attain to do all of those stuff while the issue is too big to ignore and have some fun with these conference shits.

If this stat is for real then maybe FTX.US is really safe. Which also means FTX only stole from other countries and the money of celebrities promoting them wasn't really stolen?

SBF is okay to steal money from someone else money outside the US so he isn't going to jail and are free to speak to the public. Nice touch. And because of this, SEC Gensler now wants to have control overseas.

Coffezilla interviewed him twice, and he always dodges every question that he throws into SBF.
I just watched this video uploaded by Coffeezilla, and it seems like he already caught SBF and accidentally admitted that he made a fraud. Just watch the whole video.
https://www.youtube.com/watch?v=4o_jPzBZSIo

Overall, I'm also surprised on why SBF is taking these interviews despite scamming those FTX users (I used those since I didn't use FTX at all). Most of the time, those people who are accused of scamming people doesn't entertain these media and other influencers at all, but SBF is different. Coffeezilla got him on that video that I just shared, but is that enough for him to be put into jail? Or not that's why he's still confident to face the media.

An embarrassing FTX situation and a risky investment that didn't pan out. There's nothing wrong with centralized exchanges, but they can always turn into a very bad investment. Only the future will tell what will happen in the cryptocurrency world when so many exchanges are centralized. I personally see this as a big problem, because it reduces trust and security. That's why Binance didn't acquire FTX because FTX's situation turned out to be worse than expected.

If it were us, it certainly wouldn't be so easy. But unfortunately, that is happening with SBF, SBF is still free and the victims who lost money don't know where to complain and sue SBF. I haven't seen a lawsuit since FTX collapsed.
SBF is bribing a lot of media to spread that it was CZ that caused the collapse of FTX and forced CZ to speak out, while SBF is becoming the real victim. Additionally, he's already donated billions of dollars to politicians, so jailing him is highly unlikely.

Hoping that FTX ended soon, it was certain that investors would lose money, I also lost a little money because I often traded on FTX even when I was still called Liquid, this was certainly a valuable experience not to store bitcoin or stable coins in Exchanges.

He played a very sad story line to hide under the noses of the law enforcement elite, the FTX case never seemed to happen because he seemed to have been "protected" from any law that was against him, I am so sick of seeing him tweet as if without any burden of loss to FTX users, but believe that God will repay him and the elite legal umbrella that protects him will be destroyed along with his life, no evil is eternal in this world.

Justice will not be done by God, I don't think that will happen. This world is always unfair, there are always unfair things happening, so let's protect ourselves before asking someone for help. FTX is not the first case in the market, we have seen many other deaths before and no one has gone to jail or paid the price, Dokwon is an example. If you want to convict SBF, it would be better to include the people behind him, as I believe he cannot do it alone, and if he goes to jail, it will never make up for what everyone has lost.

end how do you mean?  ended up in jail?  I am one of the victims, my bitcoin is still stuck in FTX. I continue to follow developments from FTX, I certainly hope he can be caught, what he did was an extraordinary crime imo.


this is actually very upsetting, the news about SBF's family having a strong connection to the elite political is really true, it is said that he is being protected, so until now there has been no clarity about the punishment that will be handed down to SBF.

They are expert scammers. The platform releases it from one of the countries that imposes any procedures or conditions and guarantees that there will be no tracking in the event that the platform stops, whether for the benefit of its citizens or users from other countries. There are tax havens that provide a safe place for scammers as well as suspicious money.
By offering bribes to decision-makers in powerful countries, they ensure that they will not be held accountable, no matter the scale of the disaster. What usually happens and we hear about it is a small percentage of hacking and theft attempts that are not reported and the public opinion does not hear about it.

We all hope he will go to jail, but really I doubt it, he and his family have a close relationship with politicians, so it is tough for him to go to jail. It's been over a month since FTX's death and things seem to have calmed down, people aren't talking about it anymore, and the SBF hasn't received any arrest warrants or hearings either. His life is still going well and he is still using Twitter every day to cry that he is a victim, I guess he is enjoying life somewhere while his real victim is deadlocked over losing money.

If the judiciary system will not function well on this issue then I think, SBF camp will find an escape goat to point all the blame in order for SBF to avoid trials.  He can possibly be there as a witness while pressing the charged on that poor soul.

But the recent interview of SBF is a good evidence to keep him tied to the FTX collapse case.  He clearly admit that they are comingling the funds of FTX users and that is a clear evidence of fraud.  I think there is a hearing on the 13th and SBF is invited to speak on that hearing.  Let us wait and see what will happen then.

In Turkey it hasn't really impacted the nation all that much. We had another one here a local exchange (forgot the name) which took off with everyone's money, don't know if they actually stole it, or just lost it somewhere, like if the guy actually has that money or not is unknown but it is clear that everyone lost their money that much is known. THAT was a big deal for a while, I mean we are already not a rich nation, so billions gone from people, and mainly retail investors, was a big deal. FTX was not really high up the ladder for Turkey in usage case, so it hasn't created any chaos for us. Just the price drop, that was the only one that bothered us.

And if FTX.US is going to be fine, what that would mean for FTT token? There actually could be some sort of recovery at some point after people aren't afraid that it will go to zero. But that could take time and i am uncertain if. Although i don't personally think that FTT has enough demand whene its utility is only related to FTX ecosystem.

FTT and FTX is certainly a difficult thing to be separated, FTX is the largest FTT stock owner so that it makes investors will be afraid for FTT investors, especially since FTX has officially registered bankruptcy in court so that if FTT can rise 10x from now then people will sell and no one buys.

FTX certainly gives deep wounds for investors, more than $ 5 billion assets missing and make the FTX case in the largest scam category in 2022, many dramas that occur as in several SBF interviews seem to feel innocent and do not know where the investor's assets are.

I don't think this kind of BIG SCAMS will ever end when it comes to exchanges and the worst part is that they seem that all are getting away without jail which is INSANE! There are a lot of scammers who should rot in prison for a lot of years and yet they are walking so free and calm. FTX is no excuse from the rest of the crypto scams and I do hope at least this time , we will see someone put in jail as so many people lost their money...so many..:(

Satoshi Nakamoto created Bitcoin precisely because he understood that centralized financial systems are very dangerous for their users.  

The head of the cryptocurrency exchange FTX turned out to be a dishonorable and frivolous person who deprived many people of their money.  It is possible that the head of the Binance exchange also contributed to the collapse of the FTX cryptocurrency exchange.  

These financial structures previously cooperated, but subsequently became competitors.  

However, it should be noted that both Binance and FTX are very far from the ideals of Satoshi Nakamoto.  Satoshi Nakamoto believed that in finance the human factor should be minimal.  That is why he created the first cryptocurrency - Bitcoin.

They must be responsible for their actions, but very often everything happens wrong. Sam Bankman-Fried sits on Bagams in his mansion, this is not right. He held some negotiations with local regulators, when it became clear that everything was bad, he made some translations according to their instructions, it's dirty games to save their ass, such people should sit in prison.

This shows that they are above the law and the only way to be above the law is if the government is benefiting from the crypto companies, if Sam is just ordinary being he should be in jail already.

There is more than meet the eye in this FTX scandal, it's way bigger than we all imagined.

FTX is very confiscating and tiring, we as investors are of course very sorry when saving assets in FTX, back when it was still called Liquid I really liked trading because there were lots of good and promising altcoins for daily trading, we'll wait to see if FTX will end well or badly.

We place a lot of trust in centralized exchanges, especially when it comes to investing in alternative currencies, but FTX serves as a strong reminder never to leave your money in them. If you want to thrive in cryptocurrency, avoid alt coins and invest in more promising coins like bitcoin. It will be one of the best decisions most people won't still listen. After the FTX collapse and Luna, many people lost a lot of good money.

FTX caused people alot and got a lot of people traumatized but it would be considered little the global effects we'll see coming from Binance.

Without going full self custody and using exchnages has killed the dreams of Satoshi Nakamoto which main purpose was to carry out full  custody to a single user.

The market should be headed for a big dump, Bitcoin may loose it's value down to $10,000 if such occurs.

You are absolutely right, such big scams will continue wounding the market but FTX and LUNA wounds will not heal so soon, they will continue bleeding unless governments come up with strict regulations to stop such incidents before they happen. Investors have lost confidence in centralized exchange and  it can't be restored unless  people responsible for such huge scams are trialed and sent to jail.

I hope FTX won't happen again and when there are indications of exchanges manipulating it, it will be known before declaring bankruptcy, and if we pay attention to trends in the market, it is indeed not too affected by FTX developments, momentary panic is common and slowly the market will stabilize again, and things this makes me optimistic that this year's market could reach $20k.

I admit that, I am also interested in trading on FTX because there are many advantages (such as cheap fees and complete altcoins listed there) that can be obtained there compared to other exchanges. but damn it's all just a trick of FTX to get liquidation from the user so he can invest the user's money in other projects. now SBF has been arrested, we'll see the developments about him.


I think it's quite difficult to detect what happened to FTX because they can lock up users' liquidity funds at any time. it is better not to keep funds in CEX, no compromise. btw, let's hope the bitcoin price hits $20k by the end of this year.

FTX will or may never get to the top again I meant at this level they occupied being the second highest exchnage in the world

The lesson's should be properly learned and shared among other both friends. I have read Binance will be filled with charges and they have denied such has never or will never happen by the Us the was same ways used by FTX before they finally freezed all of the funds.

We talk about FTX imagine what will happen when Binance gets bankrupt and what effects it will bring on the crypto industry. People saying crypto is not good are moron, they should know the fall of an exchange is not for Bitcoin

The market factor will improve if Do Kwon and SBF have been arrested and jailed, news is that SBF has been arrested but I don't know how Do Kwon is currently without arrest attempts because he is very active on his twitter account to create statuses and respond to comments, I wonder why the police didn't catch it right away. FTX and Luna are the culprits behind the breakdown of the crypto market so it will take time to restore it because investor confidence in exchanges has decreased and actually from the start they only kept assets in personal wallets rather than exchanges.

You are very optimistic, my friend. What happened with this platform is not new and the history of crypto is full of similar cases. The only difference in this case is the huge platform and the trading volume on it. Users number in the thousands and the fallout was so loud that the project team can be considered victims of their own failure and poor level of management of the platform.
What happened recently shows everyone that any system has loopholes and the possibility of its fall may be as imminent as it seems impossible.

Do Kwon is hiding in my country, Serbia... to the latest news. From Dubai (where are his offices) to Serbia, direct flight. News reporters tried to verify this by asking government officials, but until now they didn't get any answers. In a corrupt country like mine, he can hide for some time, but if some "higher forces" intervene (like the US) he will be extracted! Of course, if he stays here...

SBF is arrested and maybe this FTX story will get some closure. I know many got hurt by this, but far away that we all suffered... I didn't use FTX! I guess this is just another reminder (and we have a few in the past as well, big ones and many little ones), don't trust third-party service with all your money!

It depends on the manager who will continue but to be honest I am quite skeptical of them because indeed with the current events and the impact of course this will be very influential especially as far as what I see at this time is about reputation.
It is very difficult to restore a destroyed Reputation and of course this will pay off eventually and even I personally would not touch that exchange again as long as their reputation is not recovered and I doubt it will even recover.

I am assuming that if you know what you are doing then you wouldn't even need to get any type of trading fee to profit neither. It would be amazing if you could, after all we are talking about a huge income possibility, but you could just minimize it, whatever is lowest, 0.001% or something and that is enough.

The real way to make money is to take out loans against the funds you have, you do not have to use that fund, that's users fund, but you can show that as capital, and tell people you have funds, and then take out a huge loan, and considering the inflation you would make a huge amount of profit without a doubt using that loan, and buy whatever you want and you will be rich.

His hiding place has been traced and even his position has been identified but we have to give the government an opportunity to collect detailed case review data so that his status is leveled up to the wanted list, his escape will not take long and he will have bad luck like the news of SBF's arrest. Even though they will be arrested but we expect fair punishment for the perpetrators without any relief because many people have suffered losses due to their crimes.

SBF uses investors' money for fun and buys luxury properties, this is a fatal mistake that makes investors cry, so far he only plays consumer money, now FTX has officially filed for bankruptcy, and I think the police must act legally, this is not a healthy business but you can say that he is a criminal.

It is possible that FTX.us is an offshoot of FTX global, of course it will follow from the legal rules that apply to FTX global. If FTX global is no longer operational, it will automatically apply to FTX.us as well. We also try to access FTX.us, but the same condition, the site has been redirected.

It's been a rough ride for crypto users so far. Many crypto users use the FTX exchange, even this is used as an alternative to centralized exchanges. We can store assets separately in one exchange, this is something extraordinary. But they made the atmosphere even worse.

FTX founder Sam Bankman-Fried is already arrested, and he may face years of prison for un-expected and sudden collapse of 32-billion-dollar meltdown in a very short time. The failure of exchange is a worst example of poor corporate controls and absence of reliable risk management system. I think we should wait for the outcome of his trial to know, what went wrong, that caused such a huge disaster & how such incidents can be prevented in future.

We may already know some of the mistakes he committed but we want him to tell the truth in court, we hope the prosecutor to find out the facts of his crimes from some of the reports that have been identified before and he should be in jail soon. I hope that he should be sentenced to the toughest sentence if he has been proven guilty of causing losses to investors and traders, so that in the future there will be no more crimes that harm crypto investors and hope that cases of fraud, money laundering or any crimes will never happen again so that trust in the crypto space will be increase.

The trial may drag on for years, but we don't have to wait until it's over to find out why the exchange crashed. Many sources write about this, they simply used the money of their clients and did it with many violations of the user agreement. They behaved as if it was their money and everything was allowed to them, but when this became known, this house of cards crumbled very quickly.

How much do you hate SBF? are you one of those who are disadvantaged on that platform?
I am one of the people who were disadvantaged on the platform, I experienced a loss which can be said to be quite a lot for me, but it would be nice if the FTX event should be an important part of learning for the cryptocurrency, a world not to use a centralized exchange and invest in altcoins because, in the end, that's what happened.
I hope SBF gets punished according to the pa he has done and of course, I also hope that at least some of the investors can receive a refund (although unlikely).

What if it finally recovers, some gullible people out there will still be so lazy to carry out self custody

And even if Elon Musk or whoever was brought back to influence that FTX everyone should have been aware of never to trust exchanges with large amounts of Bitcoin not to even mention of hot wallets.

I agree with you trust was built now it's been shattered you can never see people trusting them all over again to keep whatever they earn in that exchange.

He had been caught and imprisoned but unfortunately he had able to bail out for the amount of $200+M as far as i remember which he had freely been doing on what he is into now which do really sucks.
Turns out that his family did pay up for such bail which it would be raising up that question on where do the hell his family do able to get those amounts? Pretty sure it was those FTX funds
which had been used obviously and this is why it do really sucks on seeing him roaming around as if there's nothing happened.This is really a hard lesson for anyone that
we shouldnt really be trusting up centralized platforms or services 100%.

We trusted SBF but we never know that Sam was an immature person, playing with the investor money.  Also, people invested in Alameda Research and later we found the CEO of FTX dating with the CEO of Alameda Research which is a sister company of FTX.

This irresponsible behavior from these people have shaken the confidence of the crypto investors and they will take time to recover, that is why we see a very prolonged bear market with not much momentum in the market.

anyways

he plead not guilty and trial set for 2nd OCtober 2023
and so the drama will die down until then

That's a long wait for the trial, SBF's camp will already formulate how to get out of this mess by that time.
And also, they may resolve this silently, this will be unfortunate for all those users who lost their funds from this exchange.
It will be a long trial and I don't think SBF will return the money to its users. It will be another sad reality in crypto business.
I was really thinking that SBF was on the level of Vitalik/CZ when it comes to business/technology mindset, seems very far from both of them.

Huge legal cases like this take time. Even if the court date would be set, it's only the first day. This could take years for all we know. As far as i know Bitfinex hack trial isn't over either and it started ages ago. There's lots to prove and SBF's dad is a lawyer so he is most likely prepping him daily now no make it harder for them to prove anything.

SBF would need to be very stupid to hide any money now, as he might even avoid jail if that money is found and play i am just a dumb kid card. Which he seem to have done for a while now.

Not only that, but SBF has direct contact with the White House. His mother is also a lawyer and worked for Biden's campaign. SBF was also one of his biggest donors to Biden's campaign in 2020, or to be more accurate, FTX's customers were. Considering how close he is to powerful people in USA, I think it's possible he escapes from jail, doesn't matter how bad the situation looks for him and how foolish he continues acting. On the other hand, I really hope this scammer is punished accordingly with the crime he perpetrated, all his roots are discovered and exposed to the public, while customers receive at least part of their money back.

Have you wondered why Bankman Fraud is not jailed yet? He is currently out on bail, and is reportedly enjoying gourmet food and five-star facilities at his home in Palo Alto, California. A total of $10 billion was stolen from the customers and according to the reports he still has at least half of that amount with him. The left-wing media houses are churning out stories praising him at a rate of dozens per day. Just came across this article yesterday, which claims that he stole the money so that he can donate it to charity. Can it get anymore laughable than this?

https://www.washingtonpost.com/business/2023/01/02/caroline-ellison-ftx/

This is more sort of a joke and not a punishment for SBF.

I mean people have lost millions of dollars at FTX, lots of companies dependent on FTX have collapsed, the whole crypto industry is suffering because of FTX crash and here we get the news that the trial will be happening after 9 months or so.

I think SBF has enough money to keep the law enforcement agencies out of his reach.  >:(

What nonsense? Second of October 2023?

Who knows what this means buying enough time for themselves to get the case all settled up with bribery.

Can you recall what they say happens when a rich mans case stays too long in court? These people avoid the cops but they can never avoid karma. Sick and tired of all that.

With having soo much money then it is where people do mostly been thinking which bribery would take place considering about those stolen huge funds is on the works which it isnt really that surprising at all.With having that financial capability which its really a shame since he doesnt own those things but still make use for trying out to arrange on everything.Its true that he might be able
to escape the cops or simply the legal actions or something in correlated but he cant really escape the karma specially lots of people had been in rage on what happened.
Turns out that there's nothing happened to him and seen some pictures on having a good time.  8)

I also think that this is a case of bribery, as how come a man who is responsible for loss for so many people can stay out of jail for so long and his case is taken with so much leniency. If no action is taken against him, other scammers will also feel encouragement to scam people  >:(

I would say that the world's legal system is injustice and scammers with money can turn the cases in their favor.

I always thought these East Asian countries had most of their investments in Exchanges like Huobi, Kraken and Gemini. Surprised to see such huge exposure with FTX. I think Singapore is obvious as most of the crypto starts up are there but South Korea was a shocker to me. Naturally US would have topped the list if there was not a different FTX US. It was just because of their laws that they got safeguarded from all this situation.